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MobiKwik partners with RBI, Yes Bank to launch India’s first fintech-led Digital Rupee Wallet

MobiKwik has announced the full-scale launch of the Central Bank Digital Currency (CBDC) – e-rupee (e₹) on its platform. The Gurgaon-based digital wallet provider, in collaboration with the Reserve Bank of India (RBI) and Yes Bank, has become the first fintech company to offer comprehensive CBDC functionality to its users.

The new e₹ wallet feature, currently available to Android users, enables both peer-to-peer (P2P) and peer-to-merchant (P2M) transactions. Users can conduct transactions with other e₹ wallet holders and make payments to regular bank accounts through UPI. The system’s integration with UPI means users can make payments at any UPI QR-enabled merchant using their e₹ balance.

Bipin Preet Singh, Co-founder and MD of MobiKwik, expressed optimism about the initiative, stating, “We expect that CBDC will make the Indian rupee digital and further expand the digital economy. e₹ transfers can be made to anyone with an e₹ wallet or UPI ID. Our goal is to drive the adoption of e₹ in India and move towards a less cash economy.”

This development follows RBI’s April 2024 decision to extend CBDC access to non-banking institutions, expanding from its initial bank-only approach. MobiKwik’s participation in the RBI’s CBDC project highlights the company’s commitment to digital payment innovation.

For existing MobiKwik users with completed KYC, the e₹ wallet can be activated immediately. New users will need to complete a video KYC process before accessing the feature.

Key Features:

  • Daily transaction limit: Rs 50,000
  • Per transaction limit: Rs 10,000
  • Available denominations: 50 paise, ₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, and ₹500
  • Platform availability: Android users
  • Requirements: Full KYC verification
  • Transaction types: P2P and P2M
  • Integration: Full UPI compatibility

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